General Insurance Article

Research carried out by pension and investment company Aegon reveals that employers struggle to understand if and how they should be supporting staff with their financial situation. This is despite figures showing that 4.2 million days of work are lost each year due to poor financial wellbeing, at a cost to employers of £626 million each year.Posted on Monday Jan 21

The final AA British Insurance Premium Index (BIPI), for the fourth quarter of 2018, records that insurance premiums are on the rise again as both car and home insurance rates have increased compared to the last quarter.Posted on Monday Jan 21

Mactavish, the UK’s leading expert on insurance governance, says there has been a surge in businesses buying specialist cyber insurance, but it warns the immaturity of this market means there are significant flaws in the majority of these policies.Posted on Friday Jan 18

The Association of British Insurers is today setting out advice for consumers and businesses who may be affected by a no-deal Brexit. In new guidance published drivers are being advised of the need to contact their insurer, arrange what is known as a Green Card and take it with them if they wish to drive their vehicle in the EU in the event of no-deal.Posted on Thursday Jan 17

Motor insurance providers urgently need to create greater clarity and trust around the use of accident and claims data in pricing motor insurance policies. After conducting a study of 1500 UK motorists regarding claims reporting, LexisNexis Risk Solutions found that - 58% of responding motorists said they would not inform their motor insurance provider about a minor accident if repairs cost less than their policy excess, with 60% of those surveyed thinking this would lead directly to a policy price increase.Posted on Thursday Jan 17

Insured losses from major natural catastrophes in 2018 totalled roughly $71.5 billion, only slightly more than the annual average since 2011 but the third-highest total during the eight-year period, according to the Summary of Natural Catastrophe Events 2018 report, published by Willis RePosted on Wednesday Jan 16

Cyber threats and changes in legislation and regulation, including concerns around Brexit are considered the top risks by UK risk experts (joint #1 with 48% of responses), according to the Allianz Risk Barometer 2019. Cyber incidents (37% of responses) are neck-and-neck with Business interruption (BI) (37% of responses) as the top business risks globally*.Posted on Tuesday Jan 15

UK motorists are now paying on average £53 less than they were this time last year for a comprehensive car insurance policy, according to the latest Confused.com Car Insurance Price Index in association with Willis Towers Watson. In the final quarter of 2018, however, prices increased by an average of 2%, which follows an increase of 1% the previous quarter.Posted on Tuesday Jan 15

Confusion about insurance is putting drivers at risk of financial shocks if their car is written off after an accident or stolen, new research from award-winning data analytics company Consumer Intelligence shows.Posted on Tuesday Jan 15

Marsh announced that it had placed more than 10,000 risks in 2018 through Placing Platform Limited (PPL), the electronic insurance placement platform used by Lloyd’s, London market insurers, and brokers. Marsh has now bound more than 15,000 risks in total on the platform.Posted on Monday Jan 14

Insurance Europe is concerned that the European Commission’s proposal for an ePrivacy Regulation could hamper insurers’ ability to offer innovative insurance policies to consumers. This is because the scope of the proposal is unclear and creates legal uncertainty.Posted on Monday Jan 14

Aon's Reinsurance Solutions business has published the January 2019 edition of the Reinsurance Market Outlook: Value Proposition to Buyers Remains High Despite Interesting Market Dynamics, which provides a comprehensive assessment of the key market variables that will affect reinsurance buyers in future 2019 renewals.Posted on Friday Jan 11

In its latest cyber initiative, global insurer Hiscox, a specialist in small business and cyber insurance, collaborated with Brompton Bicycle to stage a ‘real world' hack – simulating the effects of a cyber attack by constructing a complete clone of their east-London store overnight, hiring look-a-like staff and even stocking the shelves with counterfeit merchandise.Posted on Friday Jan 11

Wellbeing products are extremely popular in London, with employees in the region spending double the national average per month (£347) on them. Excluding London from the national average, employees from the rest of the UK‘s regions spent an average of £101 on wellbeing products per month.Posted on Thursday Jan 10

A group of Europe’s largest reinsurers, the Insurance Europe Reinsurance Advisory Board (RAB), has published an overview of the benefits of insurers’ use of internal models, titled Internal models: a reinsurance perspective. Posted on Wednesday Jan 9

New data obtained by Royal London reveals nearly a third of public health funerals carried out were as a result of bereaved families being unable to afford the cost of a funeral.Posted on Wednesday Jan 9

The FCA have published two further consultations to prepare for the UK’s exit from the EU. They have published proposals to introduce the financial services contracts regime (FSCR) as well as proposed fees for regulating securitisation repositories.Posted on Tuesday Jan 8

Motor insurance premiums are continuing to increase for both the cheapest and average premiums, according to new figures from comparethemarket.com in its latest Premium Drivers report. Posted on Tuesday Jan 8

It’s January! Time to take down the tinsel and book up your summer holiday. According to ABTA, January and February are the traditional busy ‘sale’ months for holidays with plenty of incentives such as early bird discounts, free child places and book now – pay later offers designed to get you committed to your summer holiday months in advance.Posted on Monday Jan 7

Claims management companies (CMCs) can now register for the temporary permission they’ll need to operate when the Financial Conduct Authority (FCA) takes over regulation from April 2019.Posted on Thursday Jan 3

The directors of virtually every listed UK company face major liability risks for failing to prepare adequately for Brexit, especially if there is a ‘No Deal’ outcome, according to Mactavish, the leading expert on commercial insurance governance and disputes.Posted on Monday Dec 31

New research released has revealed the startling costs that Britons are paying to fix damage in their homes. Households across the country are spending a massive £527.30 per household emergency, a total of £3.7bn across the UK.Posted on Friday Dec 28

An average of £299 will be spent this year on Christmas gifts, according to Deloitte analysis. Cyber risk partner, Stephen Bonner, provides his tips for keeping new gadgets secure and their owners compliant with GDPR.Posted on Thursday Dec 27